Last week we put on two long spreads to coincide with GPS earnings. We knew that one of them would not work, and planned on adjusting it into a butterfly. In this episode, Brian rolls the long put spread into a butterfly.

Specifically, Brian discusses:

• A review of last week
• What happened since GPS announced earnings?
• Which trade didn't work?
• Adjusting the long put spread
• What do we want to happen?
• Setting up the trade, picking strikes
• What is the net risk? Reward?
• What is the plan until expiration?

Do you have questions that you would like answered on the show? Send them to Brian at [email protected].